Energy & Environment

The Big Story

Diesel jumps past $5 per gallon

The national average price for diesel has exceeded $5 per gallon as the war in Iran strains oil supplies, according to AAA.

Diesel, like gasoline, is made from oil. It is often used to fuel trucks used in shipping, and high diesel prices can raise the price of trucked goods.

A month ago, before the conflict began, diesel prices in the U.S. averaged about $3.65 per gallon. Its average price is now about $5.04 per gallon.

According to Patrick De Haan, head of petroleum analysis at GasBuddy, this marks the second time ever that the average diesel price has exceeded $5, the first being in 2022 in the wake of Russia’s invasion of Ukraine.

The conflict in Iran has effectively halted shipping through the Strait of Hormuz, which is located near Iran and is a key shipping lane for goods including oil. About a fifth of the world’s oil consumption flows through the strait on an average day.

Read more at TheHill.com.

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